05 APRIL 2013www.forbes.com
Noranda Aluminum's RSI reading hits 28.0
Edited by : AL CIRCLE
1 min read
In trading on Wednesday, shares of Noranda Aluminum Holding Corp entered into oversold territory, changing hands as low as $4.00 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of Noranda Aluminum Holding Corp, the RSI reading has hit 28.0.
A bullish investor could look at NOR’s 28.0 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), NOR’s low point in its 52 week range is $4.00 per share, with $10.95 as the 52 week high point — that compares with a last trade of $4.02. Noranda Aluminum Holding Corp shares are currently trading down about 4.7% on the day.
In the case of Noranda Aluminum Holding Corp, the RSI reading has hit 28.0.
A bullish investor could look at NOR’s 28.0 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), NOR’s low point in its 52 week range is $4.00 per share, with $10.95 as the 52 week high point — that compares with a last trade of $4.02. Noranda Aluminum Holding Corp shares are currently trading down about 4.7% on the day.
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